On Tuesday, the SPX closed at 3958.55 or -0.32% on the day. What a close. A moderate NYSE sell imbalance conflicted with a strong cumulative NYSE tick while advance-decline lines and volume ratio were stable as we saw a fast drop (see the candle chart or ‘M’ TPO period) followed by a fast series of buy orders to put the ES over its volume point of control of 3945.25 to settle at 3949.75. Talk about buying the dip. RUT small caps held on to their daily gains. The commentary on my usual serious futures trading feed was hilarious, Golden, and must give credit to them for being able to make sense of that action as hit happened. You can see how the profile turned out: the classical shape by which other variations are judged. We now wait for the ADP employment data and an infrastructure presentation tomorrow. Hope your day is going well.
